The billionaire investor claimed that ‘crypto is here to stay‘
In a series of tweets posted on November 21, billionaire hedge fund manager Bill Ackman voiced his support for crypto amidst the turbulent times the industry is facing. Except for some illegal tactics resorted to by some founders to issue pump and dump tokens, he stated that projects and businesses could largely use the idea of tokenization in ‘accessing a global workforce.’
“I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to believe that crypto can enable the formation of useful businesses and technologies that heretofore could not be created,” said Ackman in a Twitter thread. He further added that with appropriate regulation, crypto could have an impact on society equal to what the telephone and internet had when it was introduced. Revealing that he was an investor in DIMO, he gave its example and that of Helium, explaining how tokenizing using blockchain technologies could revolutionize quite a few sectors.
Ackman described how he had been studying such crypto projects, and in the process, he had invested in other crypto projects and venture capital funds investing in crypto. He had also monetarily supported two companies that helped in reducing fraud in crypto and helped with tax compliance.